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Populaire Word Problems >

Andres is going to invest in an account paying an interest rate of 4% compounded continuously. How much would Andres need to invest, to the nearest dollar, for the value of the account to reach 4,700 in 11 years?

Solution

A n d res i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 4% co m p o u n d e d co n t in u o u s l y . Ho w m u c h w o u l d A n d res n ee d t o in v es t, t o t h e n e a res t d o ll a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 4, 700 in 11 ye a rs ?

Solution

Principal : 3026.97

étapes des solutions

Translate the problem into an equation:

4700 = P e^{0.04 \cdot 11}

Solutionner pour

P, 4700 = P e^{0.04 \cdot 11} : P = 3026.97

Principal : 3026.97

Exemples populaires

Ishaan is 2 times as old as Christopher. 35 years ago, Ishaan was 7 times as old as Christopher.How old is Ishaan now?Mackenzie is going to invest in an account paying an interest rate of 6.5% compounded monthly. How much would Mackenzie need to invest, to the nearest ten dollars, for the value of the account to reach 194,000 in 11 years?The product of 3 and one more than a number x is at least 2.The circonférence of a circular garden is 141 feet. What is the diameter of the garden? Round your answer to the nearest hundredth. 44.88 feet A 5000 investment pays 3% interest compounded monthly. To the nearest cent, what will be the value of the investment after 10 years?